JPMorgan Chase, the nation’s largest bank by assets, said its second quarter earnings rose 13%, reflecting higher customer deposits and robust investment banking business.
Net income for the three-month period was $7 billion, compared with $6.2 billion a year ago. Earnings per-share, after adjusting for some items, were $1.82, easily beating the $1.59 estimated by analysts who were polled by S&P Global Market Intelligence.
“We continued to post very solid results against a stable-to-improving global economic backdrop,” said CEO Jamie Dimon in a statement. “The U.S. consumer remains
Revenue spiked 5% to $26.4 billion.
With more consumers and businesses depositing money and seeking loans, the strength of its commercial banking business division fueled the company’s performance during the quarter. Consumer and business banking net revenue rose 13% to 5.2 billion.
Loans to consumers and businesses increased 9%. Deposits averaged $640 billion, up 10%. It had 28.4 million active mobile customers, 14% more than a year ago.
Credit card sales volume also jumped 15%, while merchant sales processing volume rose 12%.
Investment banking revenue climbed 13% to $3.1 billion, “with strength across products,” it said. The company generate more in global investment banking fees than other peers in the industry, it said.
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